19 January 2023 | Other

Aramco predicts oil demand growth

The world's largest oil company Aramco predicts an increase in demand for black gold this year. This expectation is driven by the opening of the borders of China. 

Chief executive officer of Saudi Aramco Amin Nasser said that the company is quite optimistic about the recovery of market demand. Thus, according to Aramco, the first favorable signs have already been seen in China. The company expects to see bigger economic growth from the Asian country in the next couple of months. According to Nasser, demand for jet fuel is currently about one million barrels a day below pre-pandemic levels. In its turn, it is about half what it was a year ago.

Nasser confirmed that companies need to invest more in oil production. He stated that unused capacity is two million barrels a day, barely more than the overall demand of 100 million barrels. The CEO said the world would need 4 to 6 million barrels a day of new production just to offset the natural decline in existing fields.

Company MarketCheese
Period: 21.11.2025 Expectation: 1078 pips
GBPUSD falls as bullish pressure fades and budget risks loom
Today at 11:04 AM 7
Brent sell
Period: 28.11.2025 Expectation: 300 pips
Brent crude capped by $65–$66 resistance
Today at 09:27 AM 11
Period: 21.11.2025 Expectation: 660 pips
AUDCAD may enter short-term correction
Today at 09:19 AM 10
Period: 21.11.2025 Expectation: 800 pips
Selling SPX as risk-off mood kicks in
Today at 07:05 AM 8
Period: 20.11.2025 Expectation: 280 pips
Fading bullish momentum is good reason to sell natural gas
Yesterday at 11:27 AM 36
Period: 31.12.2025 Expectation: 800 pips
USDCAD with 1.4090 play is worth buying
Yesterday at 10:09 AM 39
Go to forecasts